3501 Quadrangle Blvd., Suite 270, Orlando, FL 32817
Phone: 407-723-5900	Fax: 407-723-5901
https://universityparkrd.com/

The meeting of the Finance Committee of the University Park Recreation District will be held on Wednesday, November 19 at 3:00 pm at the Business Offices located at 8301 The Park Boulevard, University Park, FL 34201 and or virtually.
Meeting ID: 873 3546 9545  Passcode: 899142
Join meeting via Zoom:
https://us02web.zoom.us/j/87335469545?pwd=dliIn6jiOFztxyJcXZcr5u3bnX53sX.1

Finance Committee Meeting Agenda (Updated 11/18/2025)

Organizational Matters
Call to Order
Roll Call to Conﬁrm Quorum
Public Comment Period [for any members of the public desiring to speak on any proposition before the Committee]
Administrative Matters
1.  Approval of meeting minutes from 9/18/25, 9/23/25 and 10/6/25.
Staff Report
Review of October 31 Financial Summary and Membership Report
Business Matters
Review of Proposed Initiation Fees effective January 1, 2026
Discussion of Capital Expenditure Approval Process and Policy
Review of Capital Income Projections and Reserve Requirements
Discussion regarding Alternatives to BAN financing
Update on Risk Management and Contract Review
Review Progress of Cost of Ownership Project
Investment Policy and Banking Relationship Review
Next Meeting Scheduled

Date	Meeting Type	Time	Location	Note	
December 17, 2025	Finance Committee Meeting	3:00 pm	Business Offices	In person or by Zoom	

Finance Committee Member Requests & Public Comments

Adjournment

Meeting Minutes for Approval: 9/18/25, 9/23/25 and 10/6/25

MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE MEETING
Thursday, September 18, 2025
3:00 pm Business Offices
8301 The Park Boulevard, University Park, FL 34201

Finance Committee Members present in person or via Zoom: Richard Crouch
Tony Crisaﬁo Cathie Schaffer Alan Port
Craig Dwight
Also, present in person or via Zoom:

David Murphy		Treasurer – University Park Recreation District	
John Fetsick	General Manager – University Park Country Club	
Paul Fay	Controller - University Park Country Club	
Jennifer Kakretz	Executive Assistant - University Park Country Club	
Vivian Carvalho	District Manager – PFM Group Consulting LLC	

FIRST ORDER OF BUSINESS	Organizational Matters
Call to Order, Roll Call, and Pledge of Allegiance
The meeting was called to order at 3:00 pm by John Fetsick. Those in attendance are outlined above.
The Pledge of Allegiance was recited.
Public Comments
There were no public comments at this time.
Welcome and Introductions

John Fetsick opened this period with introducing himself and his background, followed by David Murphy, Paul Fay, Richard Crouch, Tony Crisaﬁo, Cathie Schaffer, Craig Dwight, Alan Port, Jennifer Kakretz and Vivian Carvalho.

SECOND ORDER OF BUSINESS	Business Matters
Overview of Finance Committee binder
John Fetsick provided a general overview of the Finance Committee Binder by reviewing the table of contents.
Audit Selection Committee
John Fetsick informed the committee that the three-year engagement with the Philips-Feldman Group has concluded and that the UPRD Board of Supervisors has approved forming an Audit Selection Committee. The committee will include one UPRD Board Supervisor, David Murphy, and two Finance Committee members to be selected.
The committee discussed the roles and responsibilities of the Audit Selection Committee. Richard Crouch and Anthony Crisaﬁo each nominated one another to serve on the committee.

On motion by Mr. Crouch, seconded by Ms. Schaffer, and approved unanimously, the Finance Committee selected Mr. Crouch and Mr. Crisaﬁo to serve on the Audit Selection Committee.

The Auditor Selection Committee meeting was scheduled to occur on Tuesday, September 30, 2025.
Roles and Responsibilities
John Fetsick opened a discussion regarding the roles and responsibilities of the Finance Committee members.
Discuss the selection of Chair, Vice Chair, and Secretary roles.
John Fetsick announced that elections for the Chair, Vice Chair, and Secretary positions will take place at the next Finance Committee meeting.

THIRD ORDER OF BUSINESS	Administrative Matters	
	Review meeting schedule	
The upcoming meetings were noted:		

Date	Meeting Type	Time	Location	Note	
September 23, 2025	Finance Committee
Meeting	3:00
pm	Business Office	In person or by Zoom	
September 30, 2025	Auditor Selection
Committee Meeting	1:00
pm	Business Office	In person or by Zoom	

There was a discussion regarding quorum requirements of how many members are required to be in the room versus Zoom.
Distribution of Emails
John Fetsick provided an update on the distribution of UPRD email addresses to the committee members.
Finance Committee Member Requests & Public Comments
There were no committee member requests or public comments. FOURTH ORDER OF BUSINESS	Adjournment The meeting was adjourned at 4:51 pm.

MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE WORKSHOP
Tuesday, September 23, 2025
3:00 pm Business Offices
8301 The Park Boulevard, University Park, FL 34201

Finance Committee Members present in person or via Zoom: Richard Crouch
Tony Crisaﬁo Cathie Schaffer Alan Port
Craig Dwight
Also, present in person or via Zoom:
David Murphy		Treasurer – University Park Recreation District	
John Fetsick	General Manager – University Park Country Club	
Paul Fay	Controller - University Park Country Club	
Jennifer Kakretz	Executive Assistant - University Park Country Club	
Vivian Carvalho	District Manager – PFM Group Consulting LLC	
Mark Barnebey	District Counsel	

FIRST ORDER OF BUSINESS	Organizational Matters
Call to Order, Roll Call, and Pledge of Allegiance
The meeting was called to order at 3:00 pm by John Fetsick. Those in attendance are outlined above.
The Pledge of Allegiance was recited.
Public Comments
There were no public comments at this time.

SECOND ORDER OF BUSINESS	Election of Chair, Vice Chair, and Secretary
Mr. Crouch self-nominated for the position of Chairperson. A motion was made by Mr. Crouch, seconded by Ms. Schaffer, and unanimously approved to appoint Mr. Crouch as Chair.
Mr. Cristaﬁo nominated Ms. Schaffer for the position of Vice Chair. The motion was seconded by Mr. Crouch and unanimously approved to appoint Ms. Schaffer as Vice Chair.
Mr. Crouch recommended Mr. Port for the position of Secretary. Mr. Port accepted the nomination and self-nominated for the position. Ms. Schaffer seconded the motion, and it was unanimously approved to appoint Mr. Port as Secretary.
However, as a quorum was not established (with two members present in person and three attending via Zoom), it was later determined that this meeting was a workshop, and the elections could not be formally approved.
THIRD ORDER OF BUSINESS	District Counsel: Overview of Sunshine Laws
Mark Barnebey, legal counsel of the UPRD, provided an overview of the Sunshine Laws as they are applicable to the committee. There was discussion about whether quorum could be established if the members attended via Zoom or phone rather than in person. It was decided to postpone the official election of officers until the next meeting to ensure quorum was established.
FOURTH ORDER OF BUSINESS	Feedback on Orientation Binders.
The committee discussed the contents of the orientation binders that were provided at the 9/18/2025 Orientation Meeting.
Review August 2025 Financials.
John Fetsick presented an executive summary of the August 2025 ﬁnancials for UPCC.
2025-2026 Budget Review. John Fetsick presented an executive summary of the 2025-2026 Enterprise Budget. FIFTH ORDER OF BUSINESS	Administrative Matters
Review meeting schedule

The upcoming meetings were noted:

Date	Meeting Type	Time	Location	Note	
September 30, 2025	Auditor Selection Committee
Meeting	1:00
pm	Business Office	In person or by Zoom	
October 6, 2025	Finance
Committee Meeting	4:00
pm	Business Office	In person or by Zoom	
October 15, 2025	Finance Committee
Meeting	3:00
pm	Business Office	In person or by Zoom	

SIXTH ORDER OF BUSINESS	Adjournment
The meeting was adjourned at 5:08 pm.

MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE MEETING
Monday, October 6, 2025
4:00 pm Business Offices
8301 The Park Boulevard, University Park, FL 34201

Finance Committee Members present in person or via Zoom: Richard Crouch
Tony Crisaﬁo Cathie Schaffer Alan Port
Craig Dwight
Also, present in person or via Zoom:
David Murphy		Treasurer – University Park Recreation District	
John Fetsick	General Manager – University Park Country Club	
Paul Fay	Controller - University Park Country Club	
Jennifer Kakretz	Executive Assistant - University Park Country Club	
Vivian Carvalho	District Manager – PFM Group Consulting LLC	

FIRST ORDER OF BUSINESS	Organizational Matters
Call to Order, Roll Call, and Pledge of Allegiance
The meeting was called to order at 4:00 pm by John Fetsick. Those in attendance are outlined above.
The Pledge of Allegiance was recited.
Public Comments
There were no public comments at this time.

SECOND ORDER OF BUSINESS	Election of Chair, Vice Chair, and Secretary

Ms. Schaffer nominated Mr. Crouch for the position of Chairperson. The motion was seconded by Mr. Port, and unanimously approved to appoint Mr. Crouch as Chair.
Mr. Crisaﬁo nominated Ms. Schaffer for the position of Vice Chair. The motion was seconded by Mr. Port, and unanimously approved to appoint Ms. Schaffer as Vice Chair.
Ms. Schaffer nominated Mr. Port for the position of Secretary. The motion was seconded by Mr. Crouch, and unanimously approved to appoint Mr. Port as Secretary.

THIRD ORDER OF BUSINESS	Committee Members Roles and Responsibilities
Mr. Crouch provided recommendations for individuals he believed would be best suited for speciﬁc roles and areas of responsibility.
Assignments:
Primary Financial Statement Review and KPIs, Membership Report: Mr. Crouch volunteered.
Audit Selection Committee: David Murphy, Tony Crisaﬁo, and Richard Crouch.
Reserve Requirements and Capital Expenditure Analysis: Cathie Schaffer.
Budgets and Benchmarking: Tony Crisaﬁo.
Investment Reports, Cash Flow, and Treasury: Craig Dwight.
Insurance and Governance Contracts, including Leases: Alan Port.
All members expressed agreement with their assigned roles and responsibilities. Mr. Crouch requested that each member return to the next Finance Committee meeting prepared to identify and present the key priorities within their area for review and recommendation to the Board.
FOURTH ORDER OF BUSINESS	Staff Report Matters: Budget Presentation
John Fetsick presented an executive summary of the 2026 budget, outlining country club operating revenues and departmental expenses, including payroll and direct operating costs. He explained that the surplus operating income from the enterprise fund is used to

support the recreation district’s general fund obligations. John also provided an overview of the capital reserve allocations derived from initiation fees and capital dues, followed by a review of the membership proﬁt and loss statement, which included membership dues, initiation fees, and capital dues, along with a breakdown of golf operation’s budget.
FIFTH ORDER OF BUSINESS	Public Comments
Public commentary opened with Former UPRD Board Treasurer Steven Ludmerer. Mr. Ludmerer commended the committee on a strong start, noting an effective division of responsibilities and focus on key issues. He emphasized the importance of ensuring all board members receive and review consistent ﬁnancial data when making decisions.
Mr. Ludmerer provided several recommendations:
Conﬁrm that, by statute, the Treasurer (David Murphy) cannot serve on the Audit Selection Committee and that an alternate member will need to be appointed (to be veriﬁed with legal counsel, Mark Barnebey).
Assign a committee member to focus on benchmarking using resources such as Club Benchmarking or RSM McGladrey to compare performance with similar gated golf communities.
Evaluate annual capital generation projections against future capital reserve requirements (3–5 years) to identify and address funding gaps.
He concluded by offering to assist the committee at any time and noted plans to meet further with members to provide additional insight.
A second member of the public, resident member Dean Matt, expressed strong support for the establishment of the Finance Committee, stating it is essential for University Park and its residents. He noted that if such a committee had existed earlier, the community’s ﬁnancial position might be stronger today.
Mr. Matt emphasized the importance of compliance with the district’s charter, speciﬁcally Manatee County Ordinance 18-29, Section 2-8-161, which requires maintaining a ﬁve-year plan. He stated that when the district pursued the 2024 bond proposal, no ﬁve-year plan had been prepared, despite the signiﬁcant ﬁnancial implications.
He referenced Resolution 2025-03, adopted on October 27, 2024, which included a ﬁve-year plan but argued that the plan does not address new capital projects and has not been updated or maintained as required. Dean encouraged the committee to review, update, and regularly maintain the plan to ensure compliance and transparency.

Additionally, he recommended creating an organizational chart showing full-time equivalents (FTEs) over the past several years to help the committee understand departmental structure and staffing trends. He concluded by wishing the committee success in its work.
SIXTH ORDER OF BUSINESS	Adjournment
The meeting was adjourned at 5:48 pm.

October 2025 – Operating Results Balance Sheet and Capital

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF OCTOBER 31, 2025 AND 2024

		UPCC Operating Fund		Capital Irrigation Fund			
	Assets	Unaudited
10/31/25		Unaudited
10/31/24		Unaudited
10/31/25		Unaudited
10/31/24		Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$827		$492							
	Accounts Receivable	585		593							
	Inventory	354		339							
	Deposits & Prepaids	254		166							
	Future Assessments based on BAN or Long-Term Bonds					

5,936		

5,137		Amounts drawn from BAN, $4,059 + Amounts
borrowed from UPCC Capital Reserves, $1,835 as of FY25, $42 accrued interest	
	Subtotal, operating assets	2,020		1,590		5,936		5,137			
											
	Board Designated Cash & Investments &
Receivable from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves	501		4							
	Capital Reserves Used for Irrigation Project--
Due from Capital Irrigation Fund	
1,835		
2,532						Portion of irrigation project paid out of UPCC reserve
funds	
	Sub total, Board Designated Cash, Capital
Reserves & Capital Irrigation Fund Receivable	
2,736		
2,936		
-		
-			

	Property and Equipment - Net	26,613		20,313							
	Property and Equipment - CIP	1,323		5,619		-		-			
	TotaI Assets	$32,692		$30,458		$5,936		$5,137			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$519		$428							
	Accrued Liabilities & Other Payables	380		357		42		-			
	Gift Cards & Store Credits	119		108							
	Subtotal, operating liabilities	1,018		894		42		-			
											
	Deferred Revenue	1,164		1,076							
	Capital Lease Obligations	2,009		418							
	Capital Projects Payable	58		785							
											
	Due to UPCC Operating Fund					$1,835		$2,532			
	BAN Payable to Bank					4,059		2,605			
	Total Liabilities	4,249		3,172		5,936		5,137			
											
	Beginning Balance, Purchase of UPCC assets
in 2019	
16,750		
16,750		
-		
-			
	Due From Capital Irrigation Fund	1,835		2,532							
	Prior Years' Operating Surplus	9,868		7,281							
	Current Period Operating Surplus	(10)		723							
	Net Position	28,443		27,286		-		-			
											
	Total Liabilities & Net Position	$32,692		$30,458		$5,936		$5,137			

11/17/2025	2/4

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF OCTOBER 31, 2025

Sources		Notes	
			
2019, Construction Fund after UPCC club purchase	$4,157		
2021, Loan Forgiveness	856		
2024-5, Bond Anticipation Note for Irrigation Project	

3,757	$1,838 was paid out of Operating Cash and needs to be repaid from either BAN assessment or 2024 Bond funds when available.	
Sub total, Bond Proceeds and Loan Forgiveness	8,769	Bonds & Loan Forgiveness	
			
FY 2021 Init Fees & 10% Outside Golf	673		
FY 2022 Init Fees & 10% Outside Golf	666		
FY 2023 Init Fees, Cap Dues & 10% Outside Golf	1,330		
FY 2024 Init Fees, Cap Dues & 10% Outside Golf	1,850		
FY 2025 Init Fees, Cap Dues & 10% Outside Golf	1,439		
FY 2026 Init Fees, Cap Dues & 10% Outside Golf	194		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	6,151	Capital raised through Operations	
			
Total Sources of Capital	14,920		
			
Uses			
			
2022, Parking Lot - Asphalt	136		
2021-2025, Golf Course Improvement & Irrigation	7,412		
2023, Tennis/Pickleball Courts	810		
2022-2023, Buildings - Renovations, A/C and Upgrades	291		
2023-2025, Range Picker, Bag Drop/Pro Shop FF&E	127		
2022-2024, Grille - Kitchen Equipment	289		
2023, Golf Course Maintenance Equipment	459		
2023, IT Equipment - Computers, Server etc	91		
2023-2024, Racquets And Fitness Equipmet	89		
2021-2023, Indoor Dining Renovation	1,066		
2023-2024, Outdoor Dining (Cafe) Renovation	2,326		
Subtotal, Uses	13,096		
			
FY2025 Uses			
2025, Varsity Club Renovation	47		
2025, Admin Office Renovation	31		
2025, (4)Toro Greensmasters	29		
			
Subtotal, FY2025 Uses	107		
			
Construction In Progress			
2025, Back 9 Renovation	1,115		
2020, Master Plan Project	151		
Locker Room Renovation	3		
Other - Carpeting	5		
Subtotal, CIP	1,274		
			
Total Uses	14,477		
			
Remaining Capital Reserves	443	Capital Account Balance at 10/31/2025	
			
Due to operating capital from BAN or Bond	1,835		
			
Total Capital Reserves	2,278	Balance with Irrigation Project repayment	

11/17/2025	3/4

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

YTD		
OPERATING RESULTS, 1	
MONTH	
Actual Results of	

Budget	

$ Variance			

COMMENTS	
				THROUGH 10/31/25		UPCC Operations			%	Change		
						
													Total	Revenues	$1,043	$1,017	$26	2.6%		
				Less: Outside Golf	Capital	Allocation	(18)	(17)	(0)	2.1%	10%	of	Outside	Golf	Allocated	to	Capital	
		Total Revenues, Less	Capital	Allocation	1,026	1,000	26	2.6%		
						
													Total	Expenses	1,024	1,020	(3)	(0.3%)		
						
							Net	Operating	Surplus	(Deficit)	2	(20)	22	(111.0%)	Net Operating impact	
						
		Revenues	and	Expenses,	Details	Actual	Budget	$ Variance		%	Change		
Dues	revenue												$506	$510	($	3)	(0.6%)		
Golf	operations	revenue							271	267	4	1.5%		
Dining	operations	revenue							229	209	20	9.7%		

Racquets/Fitness/Other	
operations	
revenue	
19	
15	
5	
32.0%		
						
											Subtotal,	Revenues	1,026	1,000	26	2.6%		
						
Golf	operations												131	152	21	14.0%		
												
315	
278	
(37)	
(13.4%)	Projects that were	budgeted	for	later	in	the	year	
Golf	maintenance															completed early							
Dining	operations											321	325	4	1.3%		
Racquets		&	Fitness	operations					59	50	(9)	(18.5%)		
General	&	Adm												198	216	17	8.1%		
											Subtotal,	Expenses	1,024	1,020	(3)	(0.3%)		
						
Net Operating Surplus (Deficit),	net	of	$18k	
$2			
$ 22	
(111.0%)							
outside golf capital allocation					($	20)			Variance	is	$22k,	111.%	from	budget	

11/17/2025	1/4

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF CASH FLOWS AS OF OCTOBER 31, 2025

MTD & YTD STATEMENT OF CASH FLOWS, 1 MONTH THROUGH
10/31/25				
	October	
	MTD		YTD	
Cash Flows From Operating Activities:				
				
Cash Receipts From Members & Guests	$ 428		$ 428	
Cash Payments To Vendors & Suppliers	(344)		(344)	
Cash Payments To PBM Staff Serving UPCC & UPRD	(594)		(594)	
				
Net Cash Provided (Used) By Operating Activities	(509)		(509)	
				
Cash Flows From Capital, Financing, And Other Non-Operating
Activities:				
Initiation Fees	$ 163		$ 163	
Capital Dues	10		10	
Purchase Of Equipment & Capital Projects	(264)		(264)	
Transfer to General Fund	(50)		(50)	
Interest From Investments	1		1	
Net Cash Provided (Used) By Capital And Other Non-Operating
Activities	(140)		(140)	
				
Net Increase (Decrease) In Cash	(649)		(649)	
Cash At Beginning Of Period	2,378		2,378	
Cash At End Of Period	$ 1,728		$ 1,728	

11/17/2025	4/4

University Park Recreation District Summary Operating Data
As of October 31, 2025

Rounds of Golf (as of October 31, 2025):

	October		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	3,248	3,899	(651)		3,248	3,899	(651)	
Outside Rounds	2,563	2,356	207		2,563	2,356	207	
	5,811	6,255	(444)		5,811	6,255	(444)	
Rounds of Golf (as of October 31, 2024):

	October		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	2,133	3,699	(1,566)		2,133	3,699	(1,566)	
Outside Rounds	840	2,432	(1,592)		840	2,432	(1,592)	
	2,973	6,131	(3,158)		2,973	6,131	(3,158)	

Overall revenue is $22K favorable to budget, variance driven primarily by strong dining sales. Golf operations revenue is on target with budget, with higher outside rounds producing a $5K favorable variance in greens fees, which helped offset lower member rounds resulting in a $7K unfavorable variance in cart fees. Merchandise sales also surpassed budget, contributing an additional $6K favorable variance.
Golf course maintenance expenses are currently over budget due to various projects that were scheduled for later in the year but were completed earlier. We anticipate this trend will continue over the next couple of months, with expenses realigning to budget by summer.

Membership

University Park Recreation District Summary Operating Data
As of October 31, 2025

		
Full	
Racquets	
Social	Ne t Cha nge in
Membe rships	Trial Full	Trial Rac/Fit	Trial Fit/Soc	Trial Social	Sum Golf	Sum Tennis	Wait List	
2024 Totals 12/31/24		445	108	786	1339	2	0	0	2	0	0	9	
January		
-1	
1	
0	0	
3							
February		
-4	
1	
3	0								
March		
1	
2	
-6	-3	
-2		
2	
-2			
-2	
April		
2	
1	
4	7	
-3				
41	
14	
-6	
May		
5	
-1	
-1	3			
-2		
29	
33		
June		
1	
1	
-1	1					
5	
2		
July		
-2		
2	0					
0	
2		
August		
5	
-1	
1	5								
September		
3	
-2	
-1	0							
1	
October	
10/15	
4	
4	
-5	3					
-75	
-51	
1	
	
10/30	
3		
-2	1								
Total Members		462	114	780	1356	0	0	0	0	0	0	3	
Social Access		104	28		132								
Fitness		21	1	131	153								
Range			10	57	67								
Twilight Tennis				24	24								
Pickleball		2		56	58								
Total Passes		434								
*134 grandfathered non-members (-1 to prior month), 195 grandfathered members (flat to prior month)
**312 non-resident memberships (+5 to prior month)

Initiation Fees

Univerisity Park Country Club
Initiation Fees 2020-2025	

Recommended	2024 Club Benchmarking
Total Revenue: $10.25 - $15.5m,18-27 Holes, South Region, 77			

Init Fee as a		

Full	2020	2021	2022	2023	2024		2025	2026	25th Percentile	50th Percentile  75th Percentile	Family Dues	% of Dues	Median	
Homeowner	$ 5,000	$ 5,000	$ 7,500	$ 10,000	$ 12,500	$ 20,000	$	30,000	$	30,750	$	59,250  $	95,000	$	11,715	1.71	5.02	
Non-Homeowner
Tennis/Racquets	n/a	n/a	n/a	$ 12,500	$ 20,000	$ 30,000	$	40,000			$	11,715	2.56	7.32	
Homeowner	$ 1,375	$ 1,375	$ 2,000	$ 2,500	$ 3,500	$ 4,000	$	6,000			$	5,050	0.79		
Non-Homeowner	n/a	n/a	n/a	$	3,000	$	4,000	$	5,000	$	7,500			$	5,050	0.99		
Social																	
Homeowner	$  500	$  500	$ 1,000	$	1,500	$	2,000	$	2,500	$	3,500	$	-	$	5,500	$	23,125	$	1,550	1.61		
Non-Homeowner	n/a	n/a	n/a	$	2,000	$	3,000		n/a						$	1,550	1.94		

10/31/2025	1/2

University Park Country Club Initiation Fee Increase - Impact on 2026 Budget

Full
Resident Non-resident	2026 Budget
Additions

15
2
17	
Rate	

20,000
30,000	
Amount

300,000
60,000
360,000	

Full Resident Non-resident	2026 Budget with Suggested Rates
Additions  Rate	Amount

15	30,000	450,000
	2	40,000	80,000 
17	530,000	
Rate Increase

10,000
	10,000		Expected Impact
of Increase

150,000
20,000 
170,000	
Racquets				Racquets							
Resident	2	4,000	8,000	Resident		2	6,000	12,000	2,000	4,000	
Non-resident	3	5,000	15,000	Non-resident		      3		7,500		22,500 		2,500		7,500 	
	5		23,000			5		34,500		11,500	
Social				Social							
Resident	46	2,500	115,000	Resident		     46		3,500		161,000 		1,000		46,000 	
	46		115,000			46		161,000		46,000	
Application Fee	68	150	10,200	Application Fee	68	150	10,200		-	
App Fee (Summer/Trials)	20	100	2,000	App Fee (Summer/Trials)			20		100		2,000 		                -		
			510,200				737,700		227,500	

10/31/2025
2/2

Membership Dues

	Family	Single	
	2026	2025	2026	2025	
Full Memberships	$	11,715	$	11,000	$	8,910	$	8,350	
Racquets Memberships	$	5,050	$	4,750	$	3,785	$	3,550	
Social Memberships	$	1,550	$	1,300	$	1,200	$	1,000	

Annual Dues Increases:
Full	$715/$560
Racquets	$300/$235
Social	$250/$200

5-Year Capital Plan (2026-2030)

University Park Country Club	
Fiscal Year 2026	
5 Year Capital Plan	
									
		2026	2027	2028	2029	2030		Comments	
Available Funds								
									
Beginning Balance	238,003	(407,964)	(1,139,186)	(97,208)	974,186			
									
Initiation Fees	510,800	536,340	563,157	591,315	620,881		

Assumes a 5% year-over-year increase	
Capital Dues	414,769	435,507	457,283	480,147	504,154			
Golf Ops Allocation	248,670	261,103	274,158	287,866	302,260			
BAN/Bond Repayment	1,835,548							
									
Total Available Funds	3,247,790	824,986	155,412	1,262,120	2,401,480			
									
Uses of Funds							Primary Uses	
									
The Park Grille								
	Grille	220,936	3,607	-	80,024	-		Building - A/C, roof, restroom renovation	
	Café	-	-	85,602	-	54,167		Bar Equipment, Firepits	
	Varsity Club	274,721	-	10,927	44,514	71,876		Building - A/C, Built-in Cabinetry, flooring, restroom renovation	
	Kitchen	251,475	-	-	2,926	-		Equipment	
Total Park Grille	747,132	3,607	96,529	127,464	126,043			
									
Racquets and Fitness								
	Building/Other	101,594	-	-	-	-		Building -Built-in Cabinetry, flooring, restroom reno	
	Fitness Equipment	101,764	-	-	-	-		Strength and Aerobic machines	
	Racquet Courts	122,253	-	2,185	10,346	34,779		Laser level, water fountains, ball machine	
Total Racquets and Fitness	325,611	-	2,185	10,346	34,779			
									
Golf Operations & GCM								
	Golf Operations	232,265	4,986	10,272	39,535	-		Cart barn roof, doors and metal wall, club storage	
	GCM Euipment	222,583	68,960	38,714	-	191,925		Club carts, greens rollers and topdressers	
	GCM Building/facility	222,480	-	-	-	22,026		Overhead doors, grinder	
	Irrigation	-	-	-	-	-			
	Golf Course	1,573,342	1,390,478	81,955	84,413	98,539		Bridges, bunkers, tees & fairways	
Total Golf Operations & GCM	2,250,670	1,464,424	130,941	123,948	312,490			
									
Asphalt Pavement	-	317,580	-	-	-			
									
10% Contingency	332,341	178,561	22,966	26,176	47,331		Parking Lot	
									
Total Uses of Funds	3,655,754	1,964,172	252,621	287,934	520,643			
									
Remainder	(407,964)	(1,139,186)	(97,208)	974,186	1,880,837			

11/17/2025	1/1

UPRD Res 2018-20 Adopting Alternative Investment Guidelines

RESOLUTION 2018-20

A RESOLUTION OF THE BOARD OF SUPERVISORS OF UNIVERSITY PARK RECREATION DISTRICT, ADOPTING INVESTMENT GUIDELINES FOR INVESTING PUBLIC FUNDS IN EXCESS OF AMOUNTS NEEDED TO MEET CURRENT OPERATING EXPENSES, IN ACCORDANCE WITH SECTION 218.415(17), FLORIDA STATUTES; PROVIDING FOR AN EFFECTIVE DATE

WHEREAS, University Park Recreation District (hereinafter the "District") is a local unit of special-purpose government created and existing pursuant to Chapter 418, Florida Statutes, and Manatee County Ordinance 18-29, being situated entirely within Manatee County, Florida; and
WHEREAS, the District's Board of Supervisors (the "Board") is required to adopt investment guidelines in accordance with Section 218.415, Florida Statutes; and
WHEREAS, the Board desires to adopt investment guidelines for the investment of public funds in excess of amounts needed to meet current operating expenses, in accordance with Section 218.415, Florida Statutes.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF UNIVERSITY PARK RECREATION DISTRICT:

Section 1. ADOPTION OF ALTERNATIVE INVESTMENT GUIDELINES. The District
hereby adopts the alternative investment guidelines for the investment of public funds in excess of the amounts needed to meet current operating expenses, in accordance with Section 218.415(17), Florida Statutes. The District may invest in the following instruments and may divest itself of investments, at prevailing prices or rates:
The Local Government Surplus Trust Fund, or any intergovernmental investment pool authorized pursuant to the Florida lnterlocal Cooperation Act, as provided in Section 163.01, Florida Statutes.
Securities and Exchange Commission registered money market funds with the highest quality rating from a nationally recognized rating agency.
Interest-bearing time deposits or savings accounts in qualified public depositories, as defined in Section 280.02, Florida Statutes.
Direct obligations of the U.S. Treasury.
Securities listed in paragraphs c. and d. shall be invested to provide sufficient liquidity to pay obligations as they come due.

Section 2. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption, and any provisions of any previous resolutions in conflict with the provisions hereof are hereby superseded.
PASSED AND ADOPTED THIS 26TH DAY OF SEPTEMBER, 2018.

ATTEST:

SECRETARY/ASSISTANT SECRETARY	CHAIRMAN

Bank Schedule

	University Park Recreation District	
	Bank Schedule	
	14-Nov-25	
	
Entity	Service / Products
Maintained	
Bank		
Current Balance	
Annual Fees	
Bank Rating	
Comments	

1	
Enterprise Fund (Club)	Primary Depository
2 accounts (Operating & Capital Funds)	
JP Morgan Chase		
$1,001,107.36	
$100 to $200 per month	
AA- (Stable Outlook) AA- (Stable)	Unsecured bond rating by Fitch June 2025 S&P Global Rating - November 2024

Two (2) Accounts, Operating & Capital	

2	

Debt Service & Construction Fund	Debt Service & Construction Fund
7 Accounts (revenue, assessment, reserve, construction, principal & interest, sinking fund)	

US Bank		

$1,625,052.29	

$6,500 to $7,000
Bond Admin. Fee	

A+ (Stable Outlook) A+	
Unsecured bond rating by Fitch October 2024 S&P Global Rating - May 2023

Sinking fund account not used.	

3	
Capital Irrigation Fund	
Loan	
Regions Bank		
($4,059,273.82)	Bond Anticipation Note	A- (Stable Outlook) BBB+ (Stable)	Unsecured bond rating by Fitch September 2025 S&P Global Rating - October 2024
No Deposit Accounts	

4	
General Fund	
Deposit account only.	
Ameris		
$25,418.80		BBB+ (Stable Outlook) B+ (Stable Outlook)	Unsecured bond & sub debt rating by KBRA S&P Rating	
5	2019 Bond Trustee	Bond Trustee	US Bank			$6,500 annual fee		See notes below.	
	Debt / Lease Schedule	
	Type	Equipment Leased	Lender	Payments	# of Months	Expiration /
Maturity	Buyout Provisions	Comments	
1	Capital Irrigation Fund - BAN	New Irrigation System	Regions Bank	Assessments or Bond		8/11/2027	n/a	Bond Anticipation Note, principal balance as of
November 5, 2025 $4,059,273	
2	Equipment Lease	Copiers	Imagenet Consulting of Tampa	$2,200.00	63	29-Feb-2028	FMV		
3	Equipment Lease	Material Handling	PNC Equipment Finance	$992.38	60	30-Apr-2029	$1 Buyout		
4	Equipment Lease	Trimax Mowers (2)	PNC Equipment Finance	$1,785.37	60	30-Apr-2029	$1 Buyout		
5	Equipment Lease	Kubota MX5400 Utility
Tractor	PNC Equipment Finance	$700.12	60	31-May-2029	$1 Buyout		
6	Equipment Lease	Postage Meter	Pitney Bowes	$1,418.98	60	30-Apr-2029	$1 Buyout		
7	Equipment Lease	Beverage Cart & 5 Utility
Carts	The Huntington National Bank	$217.77	48	30-Jun-2029	
FMV		
8	Equipment Lease	GCM Equipment	The Huntington National Bank	$2,127.73	48	31-Mar-2029	FMV		
9	Equipment Lease	Golf Carts (#109 w GPS)	The Huntington National Bank	$4,252.89	56	20-Nov-2029	
FMV		
10	Equipment Lease	Toro Equipment	The Huntington National Bank	$19,149.89	48	15-Jun-2029	FMV		
11	Equipment Lease	(3) Greenmaster & (3)
Greens Rollers	The Huntington National Bank	$17,294.83	48	13-May-2029	FMV		

	Merchant Processor	
1		Name	Interchange Fees?	Contract Term?	Expiration Date?	Comments	

2	

Charge Card Processor	

Elavon	

3% to 4% range	

month-to-month		4 separate accounts covering dining, raquets & fitness, administration & golf; currently not utilizing surcharge reimbursement, however it's under consideration; limited choice on providers due to software used to manage total business operations, only two providers are currently compatible with this software and they are: Elavon or Shift4. Forbes ranks Elavon in their top 10 providers. Some Elavon service issues noted by management.	
		
	Securities / Investments	
1		Bank Name	Safe Keeping Agent?	Current Balance	Comments	
2	Investment Advisor	JP Morgan Chase	JP Morgan Chase	$0.00	Purchases only US Treasuries; laddered throughout the year.